Captives on standby for hard market

Captives on standby for hard market

Captives on standby for hard market

Captive insurers are looking to restructure captives to mitigate future increases in insurance rates and underwrite new lines of business, including cyber and non-damage business interruption. Captive insurers have had a tough time of late, as an increased regulatory burden has challenged the captive concept. Owners have been hit with a double whammy of rising solvency regulation and risk management…

Willis Towers Watson appoints head of Bermuda captive practice

Willis Towers Watson appoints head of Bermuda captive practice

Willis Towers Watson appoints head of Bermuda captive practice

Paul Bailie has been appointed as head of Willis Towers Watson’s Bermuda captive practice. Mr Bailie will be responsible for business development and delivering the company’s value proposition around designing, forming, managing and providing strategic guidance to Bermuda captive and insurance management clients, said Willis Towers Watson. He will report to Paul Owens, managing director, Willis Towers Watson Global Captive…

17 new captives licensed by Bermuda in 2017

17 new captives licensed by Bermuda in 2017

17 new captives licensed by Bermuda in 2017

Bermuda saw 17 new captives licensed in 2017 to bring the total active captive insurance licences to 739 on 31 December 2017, compared to 776 active captive licences at 31 December 2016. The Bermuda Monetary Authority (BMA) registered 13 new captives in 2016. Of the new captives in 2017, 12 were Class 1 captives (compared to four in 2016). The…

New Malta-based PCC for Marsh Captive Solutions

New Malta-based PCC for Marsh Captive Solutions

New Malta-based PCC for Marsh Captive Solutions

Marsh has formed a new protected cell company (PCC) domiciled in Malta. The formation of Mangrove Insurance Europe PCC follows approval from the Malta Financial Services Authority (MFSA). Mangrove was created by Marsh Captive Solutions, and is the third of Marsh’s PCCs, the other two being Mangrove Insurance Solutions PCC, based in Washington DC, and Mangrove Insurance Solutions PCC, based…

Barbados removed from EU’s list of non-cooperative jurisdictions for tax purposes

Barbados removed from EU’s list of non-cooperative jurisdictions for tax purposes

Barbados removed from EU’s list of non-cooperative jurisdictions for tax purposes

The Council of the European Union has removed eight jurisdictions from the EU’s list of non-cooperative jurisdictions for tax purposes. Barbados, Grenada, the Republic of Korea, Macao SAR, Mongolia, Panama, Tunisia and the United Arab Emirates have been moved to a separate category of jurisdictions subject to close monitoring. The council said a delisting was justified in the light of…

Strategic Risk Solutions Europe appoints associate director

Strategic Risk Solutions Europe appoints associate director

Strategic Risk Solutions Europe appoints associate director

Strategic Risk Solutions Europe (SRS Europe) has appointed Annette Heaney as associate director and head of finance, Europe, to support the firm’s expansion into various European captive domiciles and focus on the captive management client services delivery platform. She joins SRS Europe from Marsh Captive Management Dublin, where she spent more than ten years as account manager serving large and…

Captives harder to justify but future remains bright, finds CRE survey

Captives harder to justify but future remains bright, finds CRE survey

Captives harder to justify but future remains bright, finds CRE survey

Half of respondents to a new survey by Commercial Risk Europe said it is getting harder to justify the use of captives, but this has not stopped owners using the vehicles to help manage a growing range of risks and those polled remain optimist about the future of the market. More than half a century after the term ‘captive insurance…

Brit relocates captive reinsurer from Gibraltar to Bermuda

Brit relocates captive reinsurer from Gibraltar to Bermuda

Brit relocates captive reinsurer from Gibraltar to Bermuda

Brit Ltd is relocating its Gibraltar-based reinsurer, Brit Insurance (Gibraltar) PCC Limited, to Bermuda. Brit Insurance (Gibraltar) will then become Brit Reinsurance (Bermuda) Limited. Brit said the relocation process is expected to be completed by the end of the year. Matthew Wilson, Brit, CEO, said: “This is a natural move for us as we continue to expand our Bermuda platform,…

Bermuda statistics reveal captives’ lines of business

Bermuda statistics reveal captives’ lines of business

Bermuda statistics reveal captives’ lines of business

The Bermuda Monetary Authority (BMA) has produced statistics on Bermuda’s captive insurance and special purpose insurers, based on the BMA’s electronic statutory financial return system. The statistics, for 2016, show that 61% of the market has a pure captive company structure, and 17% of insurers have segregated accounts. Around 7% of the captives are rent-a-captives, 6% are group captives, and…

ARM in joint venture with Chinese captive consulting group

ARM in joint venture with Chinese captive consulting group

ARM in joint venture with Chinese captive consulting group

Alternative Risk Management (ARM) has established a joint venture with Beijing Airport Captive Management Consulting (BACM) to work together in the creation of captive structures and the provision of captive management services for Chinese businesses. This is the latest in a number of recent agreements between Guernsey and the Chinese insurance industry, and in particular the burgeoning captive sector. BACM…

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